If we lose our jobs, we can easily blame it all to economy. Because of the downturn of the economy, companies must cut the employees to save the business from being bankrupt. But this put homeowners into a situation of losing their home because they don't have extra resources to pay their remaining mortgages.
Those who just lose their jobs can still save their homes by utilizing new program by the Federal Government which is called Home Affordable Unemployment Program (HAUP). This program has been rolled out to specifically help homeowners who lose their jobs. The main goal is to offer a forbearance to homeowners about their home loan payments or lower their monthly mortgage payment.
In order to be qualified with HAUP, a borrower must have a property of 1 to 4 units. The mortgage in question must be on the principal residence of the borrower. You should have an unpaid balance of not more than $729, 750 and the mortgage should had not been modified under the HAMP. The mortgage should be in delinquent status or about to be delinquent. And most of all, the borrower must be unemployed.
If you want to know more about the eligibility of utilizing HAUP, you can check more information on this link:makinghomeaffordable.gov.
The forbearance period offered by HAUP could be the safe period for the unemployed homeowner. During this time, the mortgage payment should not more than 31 % of the monthly income.
Unemployment is the primary problem today, and this could be a double torture for homeowners because this will disable their capability to maintain their monthly mortgages and the possibility of foreclosure. Good thing there is Home Affordable Unemployment Program which can help homeowners to fight foreclosure or help them to pay their mortgage at the rate they can afford. This may not completely eliminate the possibility of foreclosure, but this can be a great alternative to eventually cease it.